Mochimo: Q&A
1. What is Mochimo and the Peach Algorithm?
Mochimo is a 100% Original Development coin with no presale or ICO. This cryptocurrency is a medium of exchange governed by a Proof-of-Work-based Nakamoto consensus network. The system is fully decentralized and overcomes many of the problems associated with modern cryptocurrencies. Mochimo came into existence because cryptocurrencies have, so far, failed to perform as actual digital money. Mochimo is designed to fix that problem with its considerable arsenal of patented technological innovations, making it possible for true digital money to exist in a cryptocurrency system. Our first custom-made PoW algorithm (called Trigg’s Algorithm) was ported onto FPGAs a few months ago by a private company, rendering GPU miners unprofitable. We asked our community to decide which path Mochimo should follow: become an all-FPGA/ASIC network like Bitcoin or remain a CPU/GPU project. The community unanimously decided to boot FPGAs/ASICs off the network, so the team set to work developing a new algorithm (code-named “Peach”). After a stretch of intensive coding and testing, we deployed Peach during Mochimo’s first anniversary celebration.
2. What problems does Mochimo solve?
The problem we saw in 2016, when we first began designing this system, is that cryptocurrency was not functioning properly as digital money. Our goal to correct that issue was clear, if a bit ambitious. We designed and coded an entirely new system from scratch, with zero borrowed code, creating an entirely new currency with the innovations necessary to serve as digital money. Here are some examples of Mochimo’s areas of innovation:
Speed. Mochimo’s multi-destination TX functionality can scale to 17,000 TPS on a fully decentralized network. That’s not hype– that’s tested performance on a functioning network.
Instant payments. Mochimo has designed a first-of-its-kind, on-chain solution for instant third-party payment processing with no risk to payment processors. This is intended to solve the point-of-sale transaction processing problem inherent in all other cryptocurrency systems. When you understand how we did that you will be shocked at how easy the solution was.
Security. Mochimo is built using one-time use, post-quantum secure signatures, with an on-chain short-address binding system that is the first of its kind. This means Mochimo users send and receive money using short 12-byte addresses; the one-time use public key dynamically rotates on the back end in a way that is transparent to users. The above approach makes our system immune to the quantum computing threat posed to ECDSA-based systems like Bitcoin and Ethereum.
Slimming blockchain bloat. Mochimo employs a Proof-of-Proof-of-Work chain (PoPoW) that allows the system to dynamically consolidate the ledger and reissue a genesis block (called the neogenesis block) every 256 blocks. This has the effect of making it possible to sync a full node in only minutes. Due to the mechanics of our system, full nodes need only maintain between 257 and 511 blocks on disk (along with the PoPoW chain from block 0) to run a full node. Practically speaking that means our blockchain size is less than 100MB instead of hundreds of Gigabytes like Bitcoin or Ethereum, and more importantly Mochimo’s blockchain will indefinitely remain small and fast. This is part of the secret sauce behind Mochimo’s intense speed.
Difficulty adjustment. The Mochimo system updates its difficulty every single block. What’s more, the Mochimo system has been tested in production and found to be able to recover from a 95% loss of hashing power due to our mid-block difficulty adjustment functionality in approximately 1.5 hours. If that loss happened to Bitcoin, you would see 2.5-hour-long blocks on the Bitcoin network for more than 4 months before the difficulty adjusted fully.
Emission curve. The Mochimo cryptocurrency employs a parabolic emission curve, with block rewards adjusting on a per-block basis, rising for the first four years of the network’s existence, and then tailing off over the following eighteen years. This is designed to prevent early adopters from becoming whales, as the block reward increases with adoption. The inflection point of the parabola is set at four years based on the guidance of our advisors at Bleximo (a company that produces Quantum Computing ASICs) as to when we can expect Quantum Computers to begin breaking Bitcoin addresses.
Why did we do this? We are carefully positioning this system to inherit the crown when Quantum Computers break the first two generations of cryptocurrencies. We have provided some real innovation when it comes to producing a currency that can be used as actual digital money. Where other projects have struggled to carve out a utility niche, essentially giving up the crown to Bitcoin as the cryptocurrency medium of exchange, Mochimo’s team knew we could do better. And we believe we have done it SO much better.
3. What are the specs of Mochimo and how does it translate for non-crypto speakers?
We have developed a proprietary technology called ChainCrunch™ that drastically reduces the size of the blockchain, ensuring the ability to synchronize a full node in only minutes. We recently deployed a new consensus mechanism built on top of our Random Networks model that allows rapid convergence and orphaned chain pruning in the case of a chain split. And, of course, Mochimo is quantum resistant. Our protocol uses the WOTS+ encryption scheme vetted by the European PQCRYPTO research group.
For non-crypto speakers, it can be summed up as:
- You don’t have to trust an online “block explorer” when transacting with Mochimo. Start your own Mochimo node in a few minutes and check transactions for yourself.
- Decentralized networks are not as fast as centralized ones. Sometimes nodes disagree on things, but in Mochimo that disagreement is quickly resolved.
- Quantum computers are real, and it is only a matter of time before they break the encryption used in most cryptocurrencies. Mochimo won’t be among those impacted by this development.
A note about Quantum Computers:
For some, the idea of Quantum Computers has been relegated to science fiction, at best seen as coming into existence in some future decade. Not only do they already exist (check out Google’s Bristlecone or IBM’s Q), but they are getting more and more efficient. You can even rent Quantum Computers. Researchers have not only improved the efficiency of the quantum processor, but they have also improved the quantum algorithm that can be used to break standard encryption. In this way, the quantum race is proceeding at a rapid pace on two fronts.
Humanity evolves at an exponential rate, not a linear one. The leap from the Wright brothers to the Pathfinder mission took less than a century. Computers have gone from devices the size of a two-story building required to perform basic operations to “I lost my hand-sized video capture/audio storage/gaming/communication device in between couch cushions” in sixty years. The Internet connected the world in less than thirty years. Don’t fall for the romantic notion of the Quantum Computer as a sci-fi trope. They will shake up the crypto world sooner than you think.
4. Why is Mochimo unique, better than other projects and why will it thrive?
Mochimo was developed from scratch. It is not a clone or a fork of another project, standing apart in the crypto space. On top of that, it is uncommon for a cryptocurrency to provide working solutions for the issues of scale that plague even the biggest cryptocurrencies like Bitcoin or Ethereum, as Mochimo does. Finally, we went to great lengths to adhere to the strict regulatory rules of the United States. We are represented by Duane Morris, an international law firm that provides us with guidance so as to remain compliant.
5. BTC vs MCM
Bitcoin is a network that can only process around 15 transactions per second. With multi-destination transactions, Mochimo can scale to 100 destinations times 170 transactions per second, meaning we can achieve a throughput of 17000 TPS, today. Bitcoin has failed as a medium of exchange and functions entirely as a store of value (and an unfortunately volatile one at that). Mochimo was designed from day one to be true, functional digital money and a medium of exchange usable by the masses.
6. Who is behind Mochimo?
The Core Contributor team is composed of 16 professionals who are highly regarded in their respective fields.
• Matt Zwell (Stackoverflo): Lead Architect, certified expert Network Engineer (CCIE #35553)
• Terry Walters: Business Developer
• Mark Baldwin: Security Engineer
• Chrisdigity: Programmer (C++/HTML/Javascript)
• Tim Cotton: Programmer
• Andrea Gibson: Operations Manager
• Michael Nov: Business Developer
• Ortis: Programmer (Java/Python)
• Jordan Reiser: Engineer: UI/UX design
• Bobbie Reyes: General & Legal Counsel
• George White: Crypto Researcher
• Bel: Programmer (C++/CUDA)
• Dkat: Programmer (C++/CUDA)
• BitcoinDad: Crypto Researcher/Business Developer
• FlyingW: Programmer/Network Engineer
• Lady Kash: Business Manager/Editor
7. How can anybody contribute?
We have a public Github and Gitlab where anyone can fork (take a copy of) the code and develop their own version, make improvements, or incorporate additions. You can also submit pull requests and issues to merge those changes back into the “main” repository. Even if programming isn’t your jam, you can still contribute your own strengths by performing work for Mochimo in areas such as building social media awareness, generating documentation, and creating art.
8. What will the Mochimo governance will be like by 2020?
There is no governance of the Mochimo project. Everything is community driven. Even the “Core Contributor” team are just community members who have been invited by other Core Contributors to join the group.
9. Current network statistics and growth analysis?
FPGA intrusion really impacted growth for a few weeks as we saw the number of nodes slipping from over 50 to just 30. We have since seen the network bounce back to 110 nodes, and we estimate that there are approximately 5000 total GPUs mining.
10. How is the project funded?
Most of the initial outlay was provided by Stackoverflo, who also personally bears the subsequent financial responsibility (currently over $170,000). We use premined coins, managed by the Mochimo Foundation, to pay for the bounty program.
11. When will Mochimo be listed?
At the moment, Mochimo is listed on two exchanges, Citex and Vinex, both of which have listed us without our assistance. In order to stay compliant with US regulations, we cannot have the foundation pay any listing fee nor have the Core Contributors drive adoption by exchanges. It all has to be community driven, which is a hard sell for many exchanges. However, our community has shown that it can raise funds without our assistance in order to cover listing fees. Just recently, the community raised the necessary listing fee, and (link: http://QTrade.io) QTrade.io has committed to listing Mochimo during the week of August 12, 2019.
12. What does the roadmap look like in 2019 and beyond?
As a matter of principle, we don’t make forward-looking statements. We only talk about features that have already been tested. The roadmap on our website is our historical timeline only up to the present. We will, however, let you in on a feature of the next network update (v2.5) that will bring a uniquely effective privacy layer by allowing private, anonymous transactions.
13. How easy is it to mine?
We have detailed tutorials on the official Mochimo Wiki to help you start mining. Choose your adventure and run a full Linux node, use our headless Windows miner, or hop into a refreshing mining pool.
14. Explain Mochimo and Mochimo innovations?
Mochimo is a digital medium of exchange. It is fast, decentralized, scalable, and quantum secure. It stands out among crypto for being an original, from-scratch project, starting with only a small premine and no ICO. It is composed of many patented innovations to provide an overall higher quality of experience and network, especially when compared to existing decentralized currencies.
Mochimo Resources
- Website: https://mochimo.org/
- Whitepaper: https://mochimo.org/download/1094/
- Github: https://github.com/mochimodev/mochimo
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This is not a financial advise and you should do your own research before investing, and understand if you are willing to lose this investment, as there is always risk in innovative markets as technology, fintech, and cryptocurrencies, due to regulations, geopolitical issues, and what not.
